FAAC: FG, States, LGAs Share N2.35 Trillion In August, Highest Ever

The Federal Government, states, and local Government Councils (LGs) have shared N2.25 trillion from the federation account as revenue for August.…Read ..Full.. Article.. .

The disbursement was made during theo Federation Account Allocation Committee (FAAC) meeting held in Abuja on Wednesday.

According to a communiqué issued by FAAC, the N2.25 trillion distributable revenue comprised N1.48 trillion statutory revenue and N672.90 billion Value Added Tax (VAT).

It also comprised N32.34 billion Electronic Money Transfer Levy (EMTL) and N41.28 billion from Exchange Difference.

The communiqué said that the total gross revenue available in August was N3.64 trillion.

“From this amount, N124.84 billion was deducted for collection costs, while N1.29 trillion was set aside for transfers, interventions, refunds, and savings,” it said.

It said that VAT revenue rose to N722.62 billion in August compared to N687.94 billion in July, showing an increase of N34.68 billion, and..  Read . .More